Posts Tagged copper

Bellhaven Copper & Gold Inc. reports the commencement of the previously announced ZTEM(airborne electro-magnetics) survey over the entire La Mina property (1,800 Ha). The survey is also being extended to include an adjacent concession, which the Company is currently in discussions to acquire. The work is contracted to Geotech Ltd., a Canadian geophysical survey company specializing in leading edge airborne technology. The survey is designed to help refine the targets at La Mina, with a particular emphasis on the Garrucha and Cristalina target areas.

The helicopter-borne geophysical survey will result in approximately 132 line kilometres of data along east-west lines, spaced at 200 metres. The Z-TEM Electromagnetic (EM) system is an innovative technique making use of naturally occurring or passive EM fields from worldwide thunderstorm activity as the source of transmitted energy. The passive source combined with a proprietary receiver design, advanced digital electronics, and signal processing results in low noise levels, exceptional resolution, and unparalleled depth penetration. It has been used successfully to identify and map porphyry style mineral systems from Alaska to Chile.

Patrick Highsmith, Bellhaven’s CEO, commented on the program: “We are pleased to bring the ZTEM technology to the Middle Cauca Belt for the first time. It is a proven technique for porphyries in the Americas. This will enable us to prioritize existing geochemical and magnetics anomalies, including on concessions that we are in negotiations to acquire. This is a very cost effective tool that adds immediate value in an emerging mineral district such as La Mina. By sharing the mobilization and some of the administrative costs with neighboring explorers, we have made it even more cost effective.”

Discussion of ZTEM Survey

The survey is expected to identify conductive and resistive features that are associated with large mineral systems such as gold-copper porphyries from surface to considerable depth. The electromagnetic data is sensitive to sulfide minerals, as well as silicification and clay alteration; all of which are associated with the porphyry and epithermal deposits in the Middle Cauca Belt. This will be an important addition to the magnetics data that drove the initial discoveries. The EM data will advance the geologists’ knowledge of the known resource areas, particularly at depth, but it will also upgrade the targeting arsenal elsewhere on the property. This work will also enhance understanding of large structures in the district. Many of these structures have previously been mapped from both surface exposures and drill intercepts; and the Bellhaven team is focused on their importance in controlling mineralization.

The survey crew arrived on site November 17, and began conducting reconnaissance flights a few days later. They are currently flying the survey as cloud cover permits. It is expected that a total of 6 to 8 days of favorable conditions is needed to complete data collection, so the survey should be completed before the end of December.

La Mina Porphyry Gold Copper Project

La Mina is a resource stage porphyry gold-copper project located in the Middle Cauca volcano-plutonic belt in the Department of Antioquia about 45 km southwest of Medellin. The Middle Cauca belt is known to host large porphyry gold deposits such as AngloGold’s La Colosa Deposit (24 Moz Au) and Sunward Resources’ Titiribi Project (11 Moz Au).

Exploration Targets

The La Mina concession includes almost 2,000 hectares. A number of anomalous features are evident from the initial airborne magnetic survey, completed by AngloGold. As surface sampling and drilling progressed, a number of multi-faceted targets emerged. Through the first half of 2012, a total of four known mineralized porphyry systems have been identified; two of these deposits are host to NI 43-101 compliant inferred mineral resources. The two remaining known porphyries will be the focus of future drilling, meant to advance these prospects to the resource stage as well. The exploration pipeline at La Mina includes a number of other targets that, based on geology, geochemistry and geophysics, have characteristics similar to porphyry or porphyry related deposits. There are at least 7 of these discrete targets undergoing additional work, but they have not yet been drilled. The figure below shows total magnetic intensity (reduced to pole) from an airborne magnetics survey. Many of the targets are identified on this map; and more detailed information is available below.

South American Silver Corp. announces the results of a 5 hole diamond drilling program and the interpretation of the ZTEM Conductivity and Magnetic geophysical surveys at the Escalones copper-gold project, approximately 100 km southeast of Santiago, Chile and 35 km east of El Teniente, the world’s largest underground copper mine. Escalones, as previously announced and supported by a NI 43-101 technical report, contains a defined Inferred Resource of 420 million tonnes of mineralized material containing 3.8 billion lbs of copper, 56.9 million lbs of molybdenum, 610,000 ozs of gold and 16.8 million ozs of silver using a 0.2% Cu Equivalent cut-off grade (see December 19, 2011 News Release). The detailed NI 43-101 Technical Report is available on SEDAR under the Company’s profile and on the Company’s website at www.soamsilver.com.

The Escalones property lies within the well-known central Chilean porphyry copper belt that runs north-south through Chile in the central Andes Mountains. It is located approximately 100 km southeast of Santiago and 35 kilometers due east of El Teniente, the world’s largest underground copper mine. The project has excellent infrastructure including road access and a gas pipeline that crosses the 70 square kilometer property.

The Escalones project hosts a four-square-kilometer area of hydrothermal alteration with coincident geophysical anomalies that has demonstrated significant grades of copper, gold and silver in replacement-style “skarn” mineralization hosted in limestones and in porphyry related mineralization.

Diamond drill hole ES-35, located 300 metres E of ES-24, intersected 71 metres of near surface, oxide copper mineralization averaging 0.64% copper equivalent (“CuEq”). This near surface mineralization correlates with a ZTEM conductivity anomaly which is approximately 500 metres wide and at least one km long. Drill testing, starting when the snow clears in November, will further test this target. ZTEM is a geophysical tool that helps to identify mineralized areas that are conductive.

Diamond drill hole ES-35 also intersected high grade skarn mineralization at 456 metres intercepting 4.5 metres of copper mineralization averaging 4.32% CuEq within a 9.25 metres zone averaging 2.39% CuEq. A copper skarn is a carbonate rock that has been “cooked” and mineralized by the heat and fluids from nearby copper bearing intrusions. Examples of copper porphyry plus skarn deposits include the well-known Bingham Canyon Mine in Utah and the Twin Buttes Mine in Arizona.

The skarn at Escalones has now been traced by drilling approximately 1.7 km horizontally and 1.1 km vertically. A large magnetic anomaly is associated with much of the known skarn mineralization and this anomaly extends several hundred meters further to the north of the drilled area, at least 500 meters to the south and approximately 500 metres further east. The anomaly also extends to a depth of several km, many hundreds of metres below the level of current drilling.

Ralph Fitch, Executive Chairman, stated “This is the first time we have located a good thickness of near surface copper oxide mineralization at Escalones. The importance of this type of mineralization is that it is often the least expensive type of copper to recover because it is typically heap leachable. If future drilling shows that this zone is extensive it will be an important new body of mineralization that is not in the present resource. This new zone combined with that found on the west side of the property in holes ESC-26 (46m@0.53% copper) and ESC-28 (34m@0.52% copper) represents an important part of the mineralized system found to date at Escalones because of its likely low cost leachability. Also, the deep skarn intercept is important, both because of its grade and also because it demonstrates the huge column of copper mineralization present at Escalones which extends from surface to depths of greater than one kilometer. Our upcoming drill program will start to convert this vast column of mineralization into a resource.”

Upcoming Drilling Campaign

Up to 30 holes are planned to confirm and expand the resource in the 3 categories reported previously, oxide/sulphide, skarn and porphyry. The results from this drilling will be combined with earlier results and an updated resource will be developed and reported in compliance with NI 43-101.

The true thickness of the intercepts reported is not known at this time.

Magnetic susceptibility anomalies are only an indication of the presence of the skarn mineralization and the reader should not assume that “ore grade” mineralization will be intersected.

ZTEM conductivity anomalies are only an indication of the presence of mineralization and the reader should not assume that “ore grade” mineralization will be intersected.

Samples were analyzed by Andes Analytical Assay Laboratory located in Santiago, Chile. Gold was analyzed using fire assay and the AA (Atomic Absorption) method while silver, copper, gallium, indium, molybdenum and 38 additional elements were analyzed by ICP AES HF43 method with a four-acid digestion. The copper equivalent has been calculated using the following prices: copper $3.50/lb, gold $1,600/troy oz, silver $30.00/troy oz, molybdenum $11.00/lb, lead $0.90/lb and Zinc $0.90/lb. Values have not been adjusted for metallurgical recoveries.

Rox Resources Limited reports the results from Rotary Air Blast (RAB) and Aircore (AC) drilling completed in July 2012 at the Mt Fisher gold-nickel project, 220km north of Leonora in Western Australia.

The 6,517m drilling program, consisting of 85 RAB and 48 AC holes, was designed to test a combination of regional structural and geophysical targets under cover, as well as some strong geochemical gold anomalies.

Rox Managing Director, Mr Ian Mulholland commented on the results, saying that it was encouraging to extend the Dam and Dirks anomalies further, and to also identify a strong nickel sulphide target where there had been no previous drilling.

AC drilling at Fisher East targeted both gold and nickel mineralisation on the NW-SE trending, east-dipping mafic-ultramafic greenstone belt. This included two 1km and 1.7km traverses of 80m spaced angled drill holes across the entire width of the belt where no drilling had been completed previously.

This drilling successfully confirmed prospective ultramafic margins and located several nickel-copper geochemical anomalies. One of the anomalies corresponds with aVTEM conductor and presents a strong target for nickel sulphide mineralisation at depth to be tested with RC drilling.

“We’ve got a number of strong gold targets still to follow up at Mt Fisher, and our belief that the Mt Fisher Greenstone belt has the potential to host at least a million ounces is still strong. In addition, the nickel sulphide target is intriguing, with the geochemical anomaly lying over the VTEM anomaly in a good geological position”, Mr Mulholland said.

AC drilling at the Dirks Prospect intersected mineralisation in MFAC001 (4m @ 0.54g/t Au from 54m, and 5m @ 0.25g/t from 76m to EOH) and MFAC004 (8m @ 0.40g/t from 48m). This line of infill drilling is located approximately 180m north of mineralisation in MFA254 (2m @ 13.7g/t Au from 54m). The results show that mineralisation at Dirks is continuous along strike, and RC drilling is being designed to test this anomaly at depth.

RAB drilling at Dam South was designed to broadly test a series of VTEM anomalies situated along strike from mineralisation to the north. Significant gold assays returned included 12m @ 0.24g/t Au from 44m in hole MFRB037, and 4m @ 0.27g/t Au from 16m in hole MFRB043. These results confirm the potential source of theVTEM anomaly and warrant further drill testing.

Rox has acquired a 615 km2 tenement package which dominates the highly prospective Mt Fisher Greenstone Belt, 40km to the east of the prolific Yandal greenstone belt and 100km east of the main Wiluna greenstone belt.

Rox has an Option to acquire a further area of 170 km2, including the Mt Fisher gold mine which has previously produced 30,000 ounces of gold, and shares similar geological characteristics with neighbouring greenstone belts that host several multi-million ounce gold deposits. Much of the Mt Fisher Greenstone Belt remains significantly under-explored and Rox is focusing on a number of options to establish near-term gold production at Mt Fisher.

IMX Resources Limited reports the identification of twenty-five new high priority VTEM anomalies from the recently completed airborne magnetic and versatile time-domain electromagnetic (VTEM) survey over selected areas within the Nachingwea Nickel-Copper JV Project located in southeast Tanzania.

The delineation of multiple late time EM anomalies further enhances the regional prospectivity of the Nachingwea JV property. Of potential significance is the identification of a high amplitude late time EM anomaly coincident with the Hog gold prospect, where surface gossan sampling returned values of up to 4.96 g/t Au and 0.64% Cu (ASX: May 28, 2012).

Patricia Tirschmann, VP Exploration, commented: “We are pleased to have completed another successful regional VTEM survey and are very encouraged by the number of high quality targets generated. The identification of an EM anomaly coincident with the Hog gold prospect further enhances the exploration potential of this target and we look forward to drill testing it and other high priority targets beginning in September.”

The flight blocks comprising the 2012 airborne VTEM survey were selected by prioritizing areas based on results of the 2010 airborne magnetic and radiometric survey in combination with results of geochemical sampling and geological mapping. Preliminary data from the new VTEM survey is currently being evaluated, and targets are being selected for ground follow-up in order to help prioritize anomalies for drill testing later in the year.

Analysis of the preliminary VTEM data indicates that EM anomalies have been detected on each of the five flight blocks and approximately twenty-five of these represent high priority anomalies with late channel responses. Of potential significance is a high amplitude late time EM anomaly detected on three 200 metre spaced flight lines which is coincident with the Hog gold prospect where surface gossan grab samples returned values of up to 4.96 g/t gold and 0.64% copper (May 25, 2012 Press Release). Several other VTEM anomalies are also confirmed to have coincident copper and/or nickel in soil anomalies.

The Company plans to carry out 1,500-2,000 metres of reverse circulation drilling to test selected high priority regional VTEM and geochemical anomalies including the Hog gold prospect. This drilling is currently expected to begin in mid-September.

Exploration activity at Nachingwea has identified several zones of nickel sulphide mineralisation, at Ntaka Hill, where a combined Measured and Indicated Resource of 12.79 million tonnes (Mt) grading 1.21% Ni (using a 0.2% Ni cut-off) has been announced. The resource equates to an estimated 154,700 tonnes of contained nickel.

In addition, an Inferred Mineral Resource of 45.04Mt @ 0.3% Ni (using a 0.2% Ni cut-off) has been identified at Ntaka Hill.

A positive scoping study for an open pit mining operation means that the Nachingwea project is now advancing towards a potential production commencement date in 2015.

Continental Nickel Limited reports the identification of twenty-five new high priority VTEM anomalies from the recently completed 2,409 kilometer airborne magnetic and electromagnetic (EM) survey within the regional land holdings comprising the Nachingwea Project located in southeast Tanzania. The project is part of the 75:25 joint venture between CNI and IMX Resources Limited of Australia.

Highlights of the 2012 Airborne Survey

Large, high amplitude late time EM anomaly coincident with the Hog gold prospect

Twenty-five high priority targets selected for ground follow-up

1,500-2,000 metres of RC drilling planned

Patricia Tirschmann, VP Exploration, commented: “We are pleased to have completed another successful regional VTEM survey and are very encouraged by the number of high quality targets generated. The identification of an EM anomaly coincident with the Hog gold prospect further enhances the exploration potential of this target and we look forward to drill testing it and other high priority targets beginning in September.”

The flight blocks comprising the 2012 airborne VTEM survey were selected by prioritizing areas based on results of the 2010 airborne magnetic and radiometric survey in combination with results of geochemical sampling and geological mapping. Preliminary data from the new VTEM survey is currently being evaluated, and targets are being selected for ground follow-up in order to help prioritize anomalies for drill testing later in the year.

Analysis of the preliminary VTEM data indicates that EM anomalies have been detected on each of the five flight blocks and approximately twenty-five of these represent high priority anomalies with late channel responses. Of potential significance is a high amplitude late time EM anomaly detected on three 200 metre spaced flight lines which is coincident with the Hog gold prospect where surface gossan grab samples returned values of up to 4.96 g/t gold and 0.64% copper (May 25, 2012 Press Release). Several other VTEM anomalies are also confirmed to have coincident copper and/or nickel in soil anomalies.

The Company plans to carry out 1,500-2,000 metres of reverse circulation drilling to test selected high priority regional VTEM and geochemical anomalies including the Hog gold prospect. This drilling is currently expected to begin in mid-September.

Goldminex is focused on the discovery of greater than 2Moz gold or gold equivalent deposits in Papua New Guinea and has extensive prospective tenement holdings consisting of Exploration Licences and Exploration Licence Applications covering 10,754km2.

LIAMU PROJECT (EL 1606) (Goldminex/Vale JV)

The Liamu Project is located 120km east of Port Moresby within the Owen Stanley Region of PNG. Goldminex’s initial exploration work defined the Liamu intrusive complex and several prospects within it. Vale identified Liamu as a high priority target and moved quickly to commence drilling following the signing of the Farm-in Agreement.

 3,292m of a planned 4,000m program have been completed in six holes.

 Prospects drilled include Movei, Nesei, Unebu, Iyiowai and Maoba.

 Low-grade copper mineralisation in Maoba hole MABDH002 developed over a 151m interval from 153m depth including the following intersections;

o 59m @ 0.16% Cu from 186m to 245m

o 24m @ 0.21% Cu from 189m to 213m

 Drill results support the potential for Liamu to host a significant copper-gold porphyry system.

 Drill rig remains on site in anticipation of additional drilling in the near term pending results from ongoing investigations.

Ten prospects have been identified by surface geochemsitry at Liamu to date. These are Nesei, Movei, Tikay, Dada, Unebu and Berefana, all within the 5.5km x 1.5km alteration zone known as the Berefana Region, and Imorobi, Biafa, Bubuafu and Iyiowai to the north and east. An eleventh prospect, known as Maoba, is a ZTEM geophysical survey target.

A 4,000 metre diamond drilling program commenced in November 2011 has produced encouraging results at the Movei, Nesei, and Unebu Prospects and, in early 2012, a ZTEM geophysical survey was completed over the Liamu and Jog Project areas.

Maoba Drill Hole – MABDH002

Hole MABDH002 at the Maoba Prospect targeted coincident strong conductor and magnetic anomalies identified by a ZTEM survey completed in January 2012.

Nigeria is now in a position to export copper as it has abundant resources of the mineral, particularly in Plateau State, says the World Bank.

The Word Bank’s Nigeria Project Manager, Linus Adie, stated this at the public presentation of the Interpreted Projects of the Airborne Geophysical Survey and Geochemical Mapping of Nigeria.

He said Nigeria had so far succeeded in doing geophysics of 56 per cent of the country, including Niger Delta. “The first aspect of it was to fly and collect the data; now the second aspect is to do the interpretations,” he said.

Adie, who called on Nigeria to disseminate geophysical data finding across the world to attract more investors, said that within five years, the World Bank and Ministry of Mines and Steel had commenced the mining reforms, adding that there were many exploration companies operating in Nigeria.

The data, he said, was not only for the mining sector but for planning, which would help the country in various other ways. For example, one of the land form maps revealed the level of desert encroaching into the Nigerian land mass.

Adie added that, quite apart from its value for mining, the geophysical information could be used to develop Nigeria’s agriculture, and the military could also use it for their operations.

Three priority targets with coincidental gold, copper, silver, and molybdenum in geochemical or drilling results

Multiple anomalies located within the same structural corridor as the North, South, and Tizate zones

Follow-up evaluation being conducted over several targets to delineate priorities for a follow-up drill program

Of the seven (7) airborne geophysical anomalies identified, three (3) have had preliminary reconnaissance ground work and are considered priority drill targets. These new drill target areas range in size from 3 km by 3 km to 1 km by 1 km and appear to have similar geophysical & geological characteristics to those identified over the known mineralization (North, South, and Tizate zones) where in addition to favourable geology and geochemistry, structural controls intersect, which has proven to be an important component. The remaining four (4) areas are currently undergoing field work to better define their potential. All seven of these new areas are being followed up with detailed soil sampling, mapping, and trenching to delineate targets in advance of a systematic follow-up drill program.

President and CEO Dunham Craig stated: “We are pleased with these latest results as they give the Tepal project an exciting element of exploration potential to coincide with the ongoing development of the known deposits currently being advanced to a pre-feasibility study (“PFS”). The size of the exploration targets and our preliminary field examinations indicate that we are in a position to rapidly advance these targets toward a drill testing stage. Early drill testing is important as a new discovery could significantly impact final design in a definitive feasibility study.”

Target #1:

Target area #1 (3 km by 3 km) has a large geophysical signature of elevated magnetics, cored by a magnetic low where a potassic signature has replaced the magnetic low, which is a textbook geophysical signature for porphyry deposits. Outcrop is scarce in the area but observed exposure indicates the presence of an intrusive plug with local potassic and propylitic alteration similar to North, South and Tizate zones. A soil sampling program consisting of 220 soil samples, utilizing a line spacing of 200 metres (“m”) and sample separation of 100m has been completed with final results pending. Preliminary reconnaissance geochemical results indicate that the area is mineralized in gold, copper, silver and molybdenum.

Target #2:

Target area #2 (1 km by 1 km) lies along strike and within the same structural corridor as the known deposits. The geophysical signature suggests an intrusive plug in a structural setting identical to the zones that are subject to the current resource definition and PFS studies. The geophysical anomaly is coincident with previous geochemical anomalies (soil) in gold, copper and molybdenum. Additional soil sampling and trenching immediately over the coincident anomaly has been completed and analytical results are expected shortly. Trenching in the central area indicates it is underlain by intrusive rocks with potassic and propylitic alteration similar to the North, South and Tizate zones.

Target #3:

Target area #3 (1.5 km x 0.4 km) is located north of the Tizate zone in an area where prospect drilling by prior operators reported 32.0m grading 0.11 grams per tonne (g/t) gold, and 0.26 percent (%) copper. In addition, the IP survey contracted by the Company in 2009 has outlined a widespread chargeability anomaly in the same area. Further mapping and sampling is underway. The prior drill results are in line with results of peripheral mineralization outlined in the three known zones and warrants additional systematic drill testing.

Follow Up Anomaly #4:

The area lies along the same structural corridor that is host to the North and South zones. Structural interpretations indicate the area is underlain by complex and intersecting structures that are prospective for additional porphyry type mineralization. Field visits to the anomalous area suggest that a program of detailed soil sampling and mapping is required to further define the target.

Follow up Anomaly #5:

The area is located along strike and in the same structural setting/corridor as the known zones of mineralization and in line with Target #2. Electromagnetic signatures suggest that disseminated sulphide mineralization is present. No outcrop is present and the area is targeted for soil sampling and trenching in order to characterize the geophysical anomaly.

Follow Up Anomaly #6:

The area is located 2 km west of the North Zone in magnetic, electromagnetic and alteration terrain similar to the terrain hosting the known mineralization. Of specific interest is a radiometric anomaly suggesting a large area of potassic alteration, measuring approximately 3 km x 1 km.

Follow Up Anomaly #7:

The area is marked by a prominent magnetic intensity high and a radiometric anomaly indicating potassic alteration is present. Structural interpretations of geology suggest complexities that are favourable for porphyry type environments. The area measures 2 km x 1 km.

The airborne geophysical survey was designed to i) define and outline geological and structural domains that are similar to the domains within which current resources are located (magnetics); ii) identify the geophysical response of known mineralization to extrapolate and search for areas of similar signatures on the property (electromagnetics); and iii) identify and characterize geochemical signatures of alteration associated with known mineralization to further locate prospective areas on the property (radiometric).

Mr. Dunham L. Craig, P.Geo, President and CEO of Geologix Explorations Inc., Vancouver, BC, is the ‘qualified person’ for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Properties of the Canadian Securities Administrators, has reviewed and verified the data contained in this news release.

Geologix Explorations Inc. is a mineral exploration company focused on acquiring, exploring and developing mineral resource opportunities with the potential to host world class mineral deposits. The Company’s primary focus is the Tepal Gold-Copper Porphyry Project in Michoacán State, Mexico, where the Company has completed a Preliminary Economic Assessment study (“PEA”) of the existing resource and is continuing to aggressively explore for additional gold and copper mineralization in an effort to expand the size of the resource and scale of the possible future mining operation.

Eagle Plains Resources Ltd. and Providence Resources Corp. announces receipt of results from airborne geophysical field surveys carried out over their Iron Range JV project located near Creston British Columbia. During October-November 2011, Geotech Ltd. carried out VTEM time-domain EM and ZTEM AFMAG surveys over parts of the Iron Range Project. The results have subsequently been processed and interpreted by Condor Consulting, Inc. of Lakewood Colorado.

Highlights:

•

440 line-km of airborne geophysical data has been collected over the Property area during 2011.

•

3 high-priority VTEM electromagnetic geophysical anomalies have been delineated in the Row target area, and are coincident with a 5km-long arsenic, zinc and lead soil geochemical anomaly.

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The ZTEM survey successfully identified the Iron Range Fault as well as a northeast-trending fault similar in orientation to the gold-bearing faults at the Talon Zone.

“Geophysical data collected on the Iron Range Project has produced three high priority EM conductors that coincide with lead, zinc and arsenic geochemical anomalies on the Row Target Area.” Stated Providence Resources Corp.’s President and CEO Vince Sorace. “The combined results from the geophysical surveys have fine-tuned the Iron Range geological model and increased our confidence in the Row Target area which will be drill-tested upon receipt of applicable permits, which are expected by Q2, 2012.”

Geophysical Survey Results

VTEM time domain-EM
A total of 7 anomalies were defined from the VTEM survey; seehttp://www.eagleplains.com/projects/bc/ironrange/documents/vtem_2011geophysicsmap.pdf Anomalies 1-3 represent high-priority EM anomalies and are located within and immediately adjacent to a ~5 kilometer-long lead-zinc-arsenic soil anomaly situated in prospective middle Aldridge Formation sedimentary rocks. These three anomalies may be an indication of subsurface Sullivan style lead-zinc-silver mineralization and will be drill tested in Spring, 2012. Anomalies 4 to 7 represent secondary priority targets and are likely related to the subsurface geology. Anomaly 4 is a broad, low level conductor associated with a magnetic contact and is interpreted to represent a near-surface bedrock anomaly or conductive overburden. Anomaly 5 is a formational anomaly defined by coincident EM and magnetic anomalies which correspond to the location of a sliver of upper Aldridge Formation sedimentary rocks. Anomaly 6 is a broad, northeast trending conductive zone associated with a linear, northeast trending magnetic anomaly. Drilling done in this area indicates that the anomaly is related to graphite within the Aldridge Formation sedimentary rocks. Anomaly 7 is interpreted to be an artifact that is related to a power line that transects this portion of the VTEM survey.

ZTEM AFMAG Survey
The ZTEM orientation survey was conducted over the Canyon Target (Talon Zone) to determine whether this geophysical method would be capable of mapping bedrock geology based upon the known resistivity and magnetic susceptibility contrasts within the Aldridge sedimentary rocks; seehttp://www.eagleplains.com/projects/bc/ironrange/documents/ztem_2011geophysicsmap.pdf The survey successfully identified the Iron Range Fault as well as a northeast-trending fault similar in orientation to the gold-bearing faults at the Talon Zone. In addition, the survey identified the broad conductive zone also detected by the VTEM survey. This information is useful in better understanding the subsurface geology of the Iron Range area and how known target areas relate to major rock units and structures.

Exploration Focus

Ongoing work by Eagle Plains Resources Ltd. is focused on exploring the potential of the Iron Range fault zone and surrounding area as a conduit and host for both sedimentary exhalative (SEDEX) Ag-Pb-Zn mineralization and Iron-oxide-Cu-Au (IOCG) mineralization.

2012 Exploration Program
The Company intends to execute a full exploration program beginning in March, 2012 (subject to receipt of permits) with the objective of systematically evaluating all existing exploration data, utilizing newly acquired geophysical data, field evaluating all resulting anomalies and ultimately drill testing the highest priority targets.

•

Geophysical gravity survey – it is anticipated that results from this work will be available in March, 2012.

MacDonald began exploring in the Ring of Fire starting in 2003, shortly after the first volcanogenic massive sulphide (VMS) discovery at McFaulds Lake by Spider Resources and KWG Resources. The McFaulds VMS discovery is characterized by very high-grade intersections of VMS mineralization (McF-04-57 intersected 18.8 meters of 8.02% Copper (Cu), Mc-03-18 averaged 4.83% Zinc (Zn) over 25.75 meters) and at 250 meter-plus depths.

Exploration in the James Bay Lowlands is challenging due to the area being almost entirely a wetland. As a result, there is minimal outcrop, helicopter support is required and exploration time lines are longer. Over $18 million dollars has been spent to date on the Butler property and we have discovered six zones of multi-element mineralization with copper-zinc VMS systems, vandiferous titano-magnetite and magmatic nickel sulphide. This was accomplished through comprehensive exploration programs including geophysics, diamond drill holes and geochemistry.

The lack of outcrop requires that a significant amount of attention and detail has to be paid to the geophysical techniques used in the area. Historically the programs focused on shallow targets; however down-hole surveys, ground magnetic and gravity surveys have indicated that the potential deposit(s) of interest lies deeper in the structural sequence.

The Company is currently enhancing the geophysical model to include the geochemistry data results. Collectively, all of the above geophysical results have consistently shown that an electrically conductive unit with magnetic properties and high density lies below those prospective zones. These are the characteristics expected from a sulphide rich zone.

Magnetic map (TF) of the Butler 3 area showing the location of the EM target and magnetic susceptibility anomaly

MacDonald’s upcoming drill program will focus on the Butler property: Prior to drilling, the targets will first be refined using a deep penetrating geophysical method, similar to that used to detect the HudBay – Lalor deposit at Snow Lake, Manitoba.

Target B1-L – modeled as a 330 x 100 m flat-lying conductor located 160 m below surface within a norite intrusion. The conductor is untested but past shallow drilling 100 to 150 m above the conductor intersected weakly disseminated, nickeliferous sulphides grading up to 0.52% Ni and 0.26% Cu over 12.94 m, demonstrating that mineralizing processes were at work in the intrusion.

Target B1-B – 700 m long, untested, near surface conductive zone. The characteristics and orientation of the conductor vary considerably along strike suggesting it is not formational. Magnetic data suggests that it is hosted in a large (2.5 x 1.0 km) norite body.

Target B1-J – 170 m long by 16 m wide conductor that comes to surface and is directly coincident with the Imiak Hill showing, the most significant nickel occurrence discovered to date in our Maniitsoq licence area. The model shows that the Imiak Hill mineralization strikes parallel to most of the historical drilling and therefore has not been properly tested. The model has very limited dip extent (21 m), but the best intersection on the showing (9.85 m averaging 2.67% Ni and 0.60% Cu) occurs 130 m below surface indicating that strong mineralization at surface is masking mineralization at depth.

North American Nickel CEO Rick Mark states: “The Maniitsoq project is progressing remarkably well. Our primary objective in 2011 was to employ today’s airborne EM survey technology in this highly prospective nickel belt. Fifteen years ago Falconbridge and Cominco used fixed wing aircraft and the technology of the day searching for conductive bodies to indicate drill targets. It simply didn’t work. After flying only 8% of our Maniitsoq license, we have proven that modern helicopter EM is much more effective than previous techniques used in this 75 km long belt of nickeliferous norites. Today’s release describes, in detail, the first three targets we have identified in this potential nickel camp.”

Background

As described in NAN news releases dated December 6 and 8, 2011, SkyTEM helicopter EM and magnetic surveys flown over two flight blocks covering approximately 8% of the 4,841 km2 Maniitsoq project, detected twenty five anomalous target zones. The location of the project and the flight blocks are shown in figures 1 and 2.

The purpose of the EM modeling discussed in this news release was to determine the characteristics of the anomalies in three dimensions in preparation for follow-up prospecting and drilling. All three high priority targets are located within flight block 1.

Target B1-L

The target corresponds to the Spotty Hill showing, which consists of weak (<1 to 2%) disseminated sulphide mineralization in a lenticular exposure of norite roughly 400 m long and 150 m wide. It was discovered in the early 1960’s by Kyrolitselskabet Øresund A/S who tested it with five very shallow (<60 m long) holes. All five intersected norite with weak, disseminated, nickeliferous sulphide mineralization. The best intersection was 12.94 m averaging 0.52% Ni and 0.26% Cu in norite containing about 5% sulphide.

The SkyTEM survey detected a moderate strength EM anomaly directly over the showing. Modeling indicates that the anomaly is produced by a flat-lying conductor, approximately 330 m long by 100 m wide, located at a depth of 160 m below surface, which is over 100 m below the deepest hole on the showing (figures 4 and 5).

Target B1-B

This target was modeled as a series of six conductive plates ranging in thickness from 9 to 43 m that occur over a distance of about 700 m. In Figure 6 it can be seen that the strike and dip of the plates vary considerably along the length of the target suggesting that it is not a simple stratigraphic conductor. It should be noted that the plates in Figure 6 have been truncated along their strike length in order to show their orientations more clearly. In most cases the plates actually overlap along strike; although the large gap in the middle of the target does appear to be real.

The target is situated within a 2.5 km by 1.0 km magnetic feature interpreted to be a norite intrusion. Some of the model plates come very close to surface and it may be possible to determine the source of the anomaly through surface prospecting which will be carried out this season.

Target B1-J

This target corresponds to the Imiak Hill showing and models as a 172 m long by 16 m thick plate that comes to surface and has a depth extent of just 21 m (figures 7 and 8). Clearly, the mineralization continues well below 21 m as evidenced by hole Im-9, which intersected 9.85 m of massive to semi-massive sulphide averaging 2.67% Ni and 0.60% Cu at a depth of 130 m vertically below surface. It therefore appears that highly conductive material at surface is masking responses from deeper mineralization, which is to be expected. The modeling results are significant, however, in that they show that most of previous drilling at Imiak was oriented parallel to strike and that, despite the numerous shallow drill holes, many of which intersected significant mineralization (see table in Figure 8), the zone has not been properly tested. Two or three holes oriented perpendicular to strike followed by down-hole 3-component EM surveying is required to get a better interpretation of the potential of this zone.

Continental Nickel Limited announces the assay results from its 2011 drilling program on the St. Stephen Nickel-Copper project in New Brunswick which have confirmed the discovery of new nickel-copper sulphide mineralization. Highlights include: 2.35% nickel and 1.06% copper over 5.45 metres from drill hole SSD11-013 at the new Hanson Brook target, and 0.68% nickel and 0.41% copper over 58.2 metres, including 0.85% nickel and 0.48% copper over 20.8 metres from drill hole SSD11-011 at G zone.

The Company commenced a diamond drilling program in early December to test new electromagnetic (“EM”) targets identified in the 2011 airborne EM survey and to further test nickel-copper mineralization intersected in 2010 in the St. Stephen intrusion. Five drill holes totalling 772 metres were completed in December and borehole electromagnetic surveys (“BHEM”) were also carried out in each of the holes. The drilling program was suspended on December 15th due to wet ground conditions and resumed on January 17th. Assay results are reported herein for the five completed holes (see Table I below). A location figure may be viewed using the link provided with this release.

Patricia Tirschmann, VP Exploration of Continental Nickel Limited, commented “We are very encouraged by the recent drilling results, particularly the new nickel-copper sulphide discovery at Hanson Brook and the expansion of mineralization at G zone, both located along the western side of the St. Stephen intrusion. EM geophysical surveys and drilling are proving very effective at identifying new mineralization and we look forward to both evaluating the new discoveries and to testing additional new targets. St Stephen is shaping up to be a high quality exploration project which complements our flagship Nachingwea Project in Tanzania.”

In 2010, the Company reported the discovery of new nickel-copper sulphide zones while drill testing EM anomalies at the Triple J and G targets.

Hanson Brook Target

One hole, SSD11-013, was drilled to test a new airborne EM anomaly located 350 metres northwest of SSD10-003 (G Zone). SSD11-013 intersected a zone of massive sulphides grading 2.35% nickel and 1.06% copper over 5.45 metres from 45.5 to 50.95 metres. The sulphides are hosted in metasedimentary rocks and are interpreted to be remobilized from the mafic rocks of the St. Stephen intrusion. BHEM data indicates that the conductor was intersected near its southern edge and additional drilling is planned to further test the Hanson Brook Target.

Todd Mountain Target

Two holes, SSD11-014 and SSD11-015, were drilled to test a new, >1 kilometre long airborne EM anomaly located in the south-western portion of the St. Stephen intrusion where no previous drilling has been carried out. SSD11-014 was drilled near the southern extent of the airborne EM anomaly and hole SSD11-015 was drilled near the northern extent. Both holes intersected intrusive gabbroic rocks but failed to intersect an EM conductor and did not return any significant assays. Borehole EM surveys were conducted and strong off-hole anomalies were detected in the immediate vicinity of both holes. The BHEM results indicate the presence of multiple conductors and complex geometry when compared to the airborne EM data. Additional drilling is planned to more fully test the Todd Mountain target.

Western Troy Capital Resources has announced the assay results of holes it drilled at its MacLeod Lake Copper/Molybdenum Project in November of 2011.
Three holes were drilled on geophysical anomalies near the Main Zone. Two holes did not intersect significant mineralization, but Hole 228, drilled on an anomaly between the Main Zone and the South Zone intersected 2.14% copper and 21.32 g/t silver over an interval of 3 meters from 63 to 66 meters depth. This interval includes 1.0 meter of 5.93% copper and 50.6 g/t silver.
These widths are believed to be close to true widths due to the sub-horizontal attitude of the mineralized zone.

The map shows the location of Hole 228 relative to the Main and South Zones along with

geophysical anomalies in the area.

Hole 228 was drilled on Rocky Point to intersect a conductive zone south of the Main Zone. Past work in this area uncovered high grade, copper mineralized boulders with assays of 6 to 9 percent copper as well as mineralized outcrop in granodiorite and biotite gneisses. The mineralized outcrop is likely the up-plunge extension of the new Rocky Point Zone.

(Pink)located approximately 450 meters down plunge from the mineralized outcrop and at the centre of the conductive zone that appears to represent the outline of the new Rocky Point Zone.

With this new drill intercept in Hole 228, the associated mineralized boulders and outcrop, and the configuration of geophysical anomaly, it is possible that a new zone similar in size and configuration to the South Zone could be present in the Rocky Point area. The combination of the South Zone and Rocky Point Zone could provide sufficient resources that would allow inclusion of the zones in the mineable resource at some point in the future.

Bold Ventures Inc. announces that a National Instrument 43-101 (“NI-43-101″) Technical Report (the “Bold Technical Report”) has been completed for Bold’s Ring of Fire Claims located in the northeastern portion of the Ring of Fire Area, northeast of Webequie, Ontario. The Bold Technical Report was completed by John C. Archibald, B.Sc. (Hons.) Geol., P.Geo. (“Archibald”) of Toronto, Ontario. .

Bold holds 46 claims (five groups of claims being 52, 53, 54, 55 and 56, totalling 677 claim units comprising approx. 10,832 ha.) covering high-potential airborne geophysical anomalies. The project area lies west of the Hudson Bay Paleozoic platform covering the eastern edge of the Oxford Stull Domain of the North Caribou Superterrane in the Attawapiskat First Nations (“AFN”) and Kasabonika Lake First Nations (“KLFN”) area of Ontario within the Mining Districts of Porcupine and Thunder Bay. The Bold claims are strategically located to the northeast of the main Ring of Fire structure that hosts a number of Ni-Cu-PGE MMS deposits, Cu-Zn-Pb VMS deposits as well as Cr and Fe-Ti-V magmatic oxide deposits. Prior to staking properties in this area, Bold evaluated public domain airborne Magnetic and Electromagnetic surveys that had been conducted within the main Ring of Fire structure. Since it appeared that the regional geology as defined by airborne magnetic interpretation extended as a large acuate structure and some of these structures may have influence beyond the actual Ring of Fire, Bold’s management determined this ground had potential for hosting VMS and MMS sulphide deposits. The idea was to follow-up on airborne anomalies such as that done on the Noront Resources Ltd. ground around the Ring of Fire and drill-test a number of conductors that showed high magnetic responses as well as coincident electromagnetic conductances mirroring the targets that were found at the Eagle-One, AT-12 Ni-Cu and Black Thor style chromite deposits found by Freewest Resources Canada Inc. Bold commissioned Geotech Ltd. to fly a number of their claim groups using airborne geophysics (Magnetic and VTEM-Electromagnetics).

Scott Hogg & Associates Ltd. analyzed the airborne survey results provided by Geotech Ltd., and selected at least 23 high priority anomalies on the five groups of claims. Dr. James Mungall’s two Interpretive Reports recommended diamond drilling on 12 of these anomalies for 1,760 meters to determine if the anomalies represent bedrock conductors caused by sulphide bodies that might indicate VMS or MMS type mineralized deposits.

Based on the interpretations by Scott Hogg & Associates Ltd. and Dr. James Mungall, a Phase 1 and 2 diamond drill program is recommended to test the top-12 geophysical anomalies on the five claim groups located in the KLFN and AFN Territories. The anticipated cost for this program which includes 12 drill-holes for 1,760 meters of diamond drilling is $1,833,740. Phase 1 comprised of 400 meters of drilling at a cost of $377,906 should be commenced first since an Exploration Agreement with the KLFN is in place (see Press Release dated October 27, 2011). Once an exploration agreement has been signed with the AFN, Phase 2 can proceed. Phase 2 is comprised of 1,360 meters of drilling at a cost of $1,455,834. These two programs are not dependant on one another since they are separate, discrete programs located in two unique areas of the Ring of Fire in Ontario.

Leonard W. Saleken, Chairman of Goldcliff Resource Corporation reports that Goldcliff has made the first significant porphyry copper ore grade discovery in the Copper Mountain mining district in decades. With surface samples highlighted by 0.655% copper – almost double the current reserve grades at the Copper Mountain Mine – and 1.3 grams per tonne silver, the Trojan showing is part of the Bolas anomaly, which is located in the Whipsaw target on the Tulameen property in the Copper Mountain mining district near Princeton, BC, Canada. The Tulameen property is 100 per cent owned by Goldcliff.

The three-pronged Bolas anomaly also contains the Eagle showing, which is highlighted by 0.175% copper and 1.0 grams per tonne silver. The copper mineralization on both the Trojan and the Eagle showings is chalcopyrite with malachite, and the iron sulphides are pyrite and pyrrhotite along with magnetite. These showings are situated on surface, above the substantial Bolas deposit-style chargeability anomaly. The Bolas anomaly is 2,000 long by 1,200 metres wide, and merges to form an area of 1.5 square kilometres at about 300 metres.

The Whipsaw alkalic porphyry copper-silver target area is located along the Copper Mountain south-west copper trend, approximately seven kilometres south-west of the Copper Mountain ore bodies. The Copper Mountain mineral reserves are 232,776,000 tons grading 0.36% Cu, 0.09 Au and 1.25 g/t Ag. The Trojan and Eagle showings are associated with the Bolas anomaly, which contains disseminated sulphide mineralization in the 3 to 5% range.

Bolas 3-D IP Anomaly

The deposit-style Bolas chargeability anomaly is a disseminated iron sulphide body that is located near surface and extends to an estimated depth of 500 metres in Upper Triassic Nicola Group rocks. The Bolas anomaly measures approximately 2,000 meters in a northwest direction by about 1,200 meters southwest. At a depth of around 300 meters, the anomaly merges to form a chargeable body of the order of 1,800,000 square meters or 1.8 square kilometres in size. The iron sulphide content of the rocks within the Bolas anomaly is estimated to be 3 to 5%.

Chargeability

The Bolas chargeability anomaly is a three-pronged star feature with a vertex centre and three end nodes that are referred to as the Whip, Elk and Eagle node areas of chargeability. Close to the surface, the chargeability response millisecond (ms) levels are weak to moderate. With increasing depth, the chargeability response millisecond levels become stronger and begin to merge at about 150 meters in depth. As depth continues to increase, the chargeability star features ultimately merge to form the continuous chargeability anomalous area. The chargeability values in the Bolas anomaly reach their maximum (25 to 30 ms) at about 300 meters below surface and then begin to fade to around 20 to 25 ms at 500 meters.

Whipsaw Target Area

Magnetic Environment

The most visible magnetic feature of the Whipsaw Target is a strong, broad, crescent-shaped magnetic high that fills more than half of the area. Inversion of the ground magnetic indicates that the deep-seated, crescent-shaped magnetic high is consistent with a deep-seated magnetic intrusive rock. A similarly intense, broad crescent-shaped magnetic high in the Copper Mountain area corresponds with mapped diorite intrusive rock and suggests that the magnetic high in the Whipsaw area may well be caused by the same rock type at depth.

The Whipsaw crescent-shaped, magnetic high partially surrounds a subcircular magnetic feature that is low, compared to the crescent-shaped high, but higher relative to magnetic background seen to the north. Once again, a similar pattern can be observed in the Copper Mountain area. There the subcircular magnetic feature corresponds with rocks mapped as monzonite and syenite, suggesting that the deep subcircular magnetic feature at Whipsaw may also be caused by a similar, less magnetic rock type. Strong chargeability anomalies occur within the subcircular magnetic feature.

Resistivity Data

Analysis of inverted resistivity data, with help from chargeability and magnetic inversions as well as magnetic intensity, indicates that the Princeton/Nicola contact may be vertical to sub-vertical and that the Princeton Group rocks could vary from about 150 to over 500 meters in depth, possibly over Nicola Group rocks. This may mean that the area of Princeton rocks could be down-dropped relative to the Nicola rocks across a fault-forming graben. If this is case, the deep moderate to weak chargeability anomalies seen in the area of Princeton rocks may then reflect the tops of chargeable material buried within Nicola rocks.

Zenyatta Ventures Ltd. provides an update on the Phase II drill program at the Albany Project near Hearst in north-eastern Ontario which started on September 1.

Three (3) drill holes, testing three separate geophysical anomalies, have been completed for a total meterage of 1400 with approximately 450 samples sent to ALS Chemex for analysis. A fourth drill hole was started today to test a strong magnetic anomaly with an associated EM conductor. The program will continue until Christmas break to test several high priority Magnetic and Electromagnetic geophysical targets identified byGeotech’s VTEM 35 airborne system in 2010. It is anticipated that 10 of greater than 30 geophysical targets will be tested by year-end.

In one of the recent drill holes four separate and extensive brecciated zones have been intersected consisting, predominantly, of variably sized granite gneiss clasts set in a fine grained black matrix of, among other minerals, graphite with trace to 1% pyrite and pyrrhotite locally. A full chemical and petrographic analysis will be completed to determine the economic significance of these newly discovered breccia zones. Breccia pipe formations are often associated with mineral deposit of varying types around the world.

Another hole, just completed, intersected a coarse grained layered mafic-ultramafic intrusion (norite-gabbro) containing 1-3% pyrrhotite and trace amounts of local chalcopyrite. The observed cumulate textures and mineralization is encouraging given that Zenyatta is targeting new magmatic sources of nickel, copper, and platinum group metals related to the Mid-Continent Rifting. This validates the original theory upon which the Albany Project was based.

The Albany Project is believed to represent a deep seated Proterozoic structure that may be related to the 1.1 Billion year old Mid-Continent Rifting. The Mid-Continent Rift is a known deep seated structural environment that hosts a number of significant mineral deposits around Lake Superior, including the recently discovered Rio Tinto’s Eagle and Tamarack Cu-Ni deposits and Magma’s TBN PGM deposit. Rifting environments around the world are host to many large mineral deposits due to a tapping of the copper-nickel rich mantle by way of the structural conduits and traps for metal transport and deposit.

The Albany Project consists of approximately 300,000 acres in 28 separate claim blocks in an area highly prospective for copper, nickel, PGM’s and other mineral deposit types of magmatic origin. The 2010 airborne system identified greater than thirty anomalies on the various claim blocks. The majority of the high priority geophysical targets are to be drill tested during this Phase II program. The Phase I drilling, from March to June, encountered very encouraging results from previously unidentified sulphide bearing intrusions, favourable ultramafic rocks and a new iron discovery as noted in the news release dated June 28.

North American Nickel Inc. announces that the 1,500 m drill program targeting modeled plates derived from a ground EM (“InfiniTEM”) survey undertaken by Abitibi Geophysics that was initiated September 14, 2011 was completed October 8, 2011. Drilling was done by Chenier Drilling Services.

The targets tested are associated with the CJ Structure, a belt of partial melt and quartz diorite-dominated breccias with less than 5 percent pyrrhotite, chalcopyrite and pyrite in outcrop. The breccia has been interpreted as one component of a previously unrecognized embayment structure, host to significant nickel-copper-platinum group metal ore deposits in the Sudbury mining camp.

Drill holes PC-14, -15 and -16 were designed to test EM targets within the CJ Structure breccias, PC-17 to serve as a geophysics platform, PC-18 and -19 for stratigraphy and down-hole geophysics and PC-20 to test a weak ground EM anomaly at the southern boundary of the property but on-trend with the Whistle Offset Structure, host to the currently producing Podolsky nickel-copper-PGM mine.

Drill core has been logged, cut with a diamond saw and sampled for assay. Assays will be undertaken by AGAT Laboratories, an ISO-certified laboratory. Full results are expected within five weeks.

To date, three drill holes have been surveyed with a down-hole pulsed EM system by Lamontagne Geophysical Services. Three drill holes are scheduled for the survey and will be completed within 10 days.